So far, the Shiba Inu market cap is currently valued at $5.64 billion as per CoinMarketCap metric. However, the circulating supply is still much. In an attempt to reduce the supply significantly through its burn mechanism, it would take a lot of years to achieve.
The coin, however, has continued to remain in a bearish trend after witnessing a considerable loss over the past couple of months. Shiba’s price declined shortly after recording an all-time high at $0.000088 in October 2021.
In June, the price slightly recovered after bouncing above the $0.0000071 price level, now serving as the yearly support. This recovery brought the price to around $0.000018 high (over 100% gains) in two months before a steady drop to $0.0000093 price level this week due to Bitcoin’s price decrease.
Although it has seen a nice 1% gain over the past few hours. The bear market will likely resume pressure on a long-term perspective if the bulls fail to show strong interest. The daily time frame indicates that Shib is near the bottom. At the time of writing, the cryptocurrency is trading around the $0.00001023 price level.
Shib Price Analysis (SHIBUSDT) – 4-Hour Chart
Shib continued to remain bearish on the short-term perspective. As can be seen on the 4-hour chart above, the bearish scenario is temporarily suspended due to low sell pressure in the market.
The buyers are trying to gain control of the market. If the seller steps back, the price will drop at the weekly support of $0.0000093. The following fundamental level to keep in mind is the $0.000009, followed by the $0.00000845 support. The last defense level for the bulls remains the yearly $0.0000071 support.
However, if the price manages to break the grey descending trendline this week, we can expect a nice increase in the coming week. The resistance levels to watch are $0.000011, $0.000016, and $0.000012, respectively.
Key Resistance Levels: $0.000011, $0.0000116, $0.000012
Key Support Levels: $0.0000093, $0.000009, 0.00000845
Spot Price: $0.00001023
Trend: Bearish
Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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Image Source: salarko/123RF // Image Effects by Colorcinch
